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Sustaining the Legacy: Management and Wealth Transfer Planning for Ranches

Adele Harty

Summary

Sustaining the Legacy was the final component of the Sustainable Annie’s Systems in South Dakota for Years to come (SASSY) program. Through Annie´s, women expressed interest in more information on estate planning and farm/ranch transition. Therefore we utilized the workbook “Sustaining the Legacy” that was developed by professionals at South Dakota State University and King Ranch Institute. The manual divides the succession planning process into four phases. We used a step by step approach going through the workbook and each operation completed homework to help them move toward a succession plan. Another component was collaborating with McKee Companies, who have developed a program called “Estate Planner in a Box”. We provided this resource to each operation as a tool to help them gain more knowledge on estate planning, with the goal of providing more support from a distance. Through the program we reached 7 operations at different stages, but all are working on being more prepared to tackle the issues at hand. This program has provided the opportunity to develop a public/private relationship while providing the best tools to our clientele. Through evaluations, participants were educated on the importance of estate planning and resources available. Within the first 6 months, 75% of the operations want to have their inventories and ranch visions completed and 50% want to have their estate plan completed. Each participant wrote a goal and timeline and we will be working with them to reach these goals. First contact will be during the month of January.

Details

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